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Home » Business News, General Business News

Pakistan Yarn Merchants Association oppose withdrawal of Zero Rated facility for 5 export sectors

June 10, 2019

Karachi, June 10, 2019 (PPI-OT): Muhammad Saqib Goodluck, Chairman Pakistan Yarn Merchants Association (S and B Zone) has opposed any expected step over withdrawal of Zero Rated facility for 5 Zero – Rated Export sectors. M. Saqib Goodluck, while protesting, he said that Zero – Rated facility must not be withdrawn and Government should adopt “No Tax No Refund policy” maintaining SRO – 1125.

In a statement, he said that Government while advocates promotion of Export and ease in doing Business but on other side problems are being created for Industries. Government should decide their Economical direction in order to fix Economic development, so that country may move forward on Economic development path by promotion of Business and Industrial Activities.

He said that by abolishing Zero – Rated facility for Five Zero – Rated sectors, disastrous effects will effect on exports. Local industries will be destroyed and capital will be drain from country, which will create highly Negative effects over Exports and Extra ordinary Volume e witnessed in un-employment while Government will face huge losses in foreign exchange.

Saqib Goodluck further said that, it is not a wise step that “First pay tax and then return back”. When tax has to be returned then it is better not to collect tax. Government already has to pay refund worth Rs. 200 Millions to exporters and Government has no money for payment. Abolition of SRO – 1125 will create additional burden over Government.

Chairman PYMA (S and B Zone), while drawing attention of Government, said that there should be no comparison between Industrial and Commercial Importers over Tax and this should be same for both. He further said that by withdrawal of Zero – Rated facility, exporters will face huge financial crisis and ways of corruption will be created. He demanded from Government that in the best interest of our Country Zero – Rated facility must not be withdrawn and to promote industries and for favourable Business Environment necessary steps may be taken.

For more information, contact:
Secretary General,
Pakistan Yarn Merchants Association (PYMA)
Business Centre, 8th Floor, Dunolly Road,
Karachi – 74000, Pakistan
Tel: +92-21-32410320
Fax: +92-21-32424896
Email: info@pyma.com.pk
Website: http://www.pyma.com.pk/

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